Financial News: Turkey Inflation Eases To 47.09%, Lowest In 17

Turkey Inflation Eases To 47.09%, Lowest In 17 Months

12/03/2024 - 03:13:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation eased further in November to the lowest level in nearly one-and-a-half years amid a slowdown in costs for a wide number of categories, figures from the Turkish Statistical Institute showed on Tuesday.

The consumer price index rose 47.09 percent year-over-year in November, slower than the 48.58 percent surge in October.

Further, this was the weakest inflation since June 2023, when prices had risen 38.21 percent.

Among categories, the annual price growth in utilities eased to 74.45 percent from 89.39 percent. Similarly, inflation based on hotels, cafes, and restaurants moderated to 59.38 percent from 62.09 percent.

On the other hand, prices for food and non-alcoholic beverages rose at an accelerated pace of 48.57 percent.

On a monthly basis, consumer prices increased 2.24 percent in November, after a 2.88 percent gain in October. Further, this was the smallest rise in five months.

Separate data from the statistical office showed that producer price inflation also eased to a 44-month low of 29.47 percent in November from 32.24 percent in the prior month. Monthly, producer prices edged up 0.66 percent versus a 1.29 percent increase in October.

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